topic How removing medical collections will affect score in Understanding FICO® Scoring

How removing medical collections will affect score

Anonymous — Mon, 04 May 2015 00:26:09 GMT

Good afternoon! Thank you in advance for all your help and advice I have thus received so far. Its been thrilling and life changing to say the least.

I began my journey about a year and a half ago to build my credit. It started with a First Premier bank card, which I kept open for 15 months and then closed a week ago. I now have these cardscards.
Capital One Partially Secured $1000 (15 months old)
Capital One Journey $2000 (2 months old)
REI US Bank $1000 (1 month)
Discovered Secured $200 (1 month)
Walmart $300 (1 month)
Macy's $650 (1 month)
Victoria Secret $650 (1 month)
Kohls $300 (1 month)
JC Penny $500 (1 month)
Buckles $300 (2 months)
American Eagle $400 (2 months)
76 gas $800 (1 month)
Chevron & Texaco $500 (1 month)
Exxon Mobil $500 (1 month)
Amazon $800 (7 months)

I have accounts that are as old as 10 years that closed with a $0 balance which helps with average age of accounts.

I have 3-4 collections, all medical, that total about $2000.

My credit scores range from 649-670 with the smallest belonging to transunion and the latter being experian.

Inquiries range from 7-9 per report due to new accounts.

Here's my question!

I am in the process of having my medical collections all written off through charity care process at my local hospital. I expect the process to be complete in about one month. They should be removed from my report by then.

How many points do you think in your opinion I will gain to my credit score from these coming off my credit report?

I am so excited I can hardly sit still!!

Re: How removing medical collections will affect score

Anonymous — Mon, 04 May 2015 00:27:23 GMT

Also how long will it take for fico and fako to report after they come off my report?

Re: How removing medical collections will affect score

gdale6 — Mon, 04 May 2015 00:44:30 GMT

@Anonymous wrote:
Good afternoon! Thank you in advance for all your help and advice I have thus received so far. Its been thrilling and life changing to say the least.

I began my journey about a year and a half ago to build my credit. It started with a First Premier bank card, which I kept open for 15 months and then closed a week ago. I now have these cardscards.
Capital One Partially Secured $1000 (15 months old)
Capital One Journey $2000 (2 months old)
REI US Bank $1000 (1 month)
Discovered Secured $200 (1 month)
Walmart $300 (1 month)
Macy's $650 (1 month)
Victoria Secret $650 (1 month)
Kohls $300 (1 month)
JC Penny $500 (1 month)
Buckles $300 (2 months)
American Eagle $400 (2 months)
76 gas $800 (1 month)
Chevron & Texaco $500 (1 month)
Exxon Mobil $500 (1 month)
Amazon $800 (7 months)

I have accounts that are as old as 10 years that closed with a $0 balance which helps with average age of accounts.

I have 3-4 collections, all medical, that total about $2000.

My credit scores range from 649-670 with the smallest belonging to transunion and the latter being experian.

Inquiries range from 7-9 per report due to new accounts.

Here's my question!

I am in the process of having my medical collections all written off through charity care process at my local hospital. I expect the process to be complete in about one month. They should be removed from my report by then.

How many points do you think in your opinion I will gain to my credit score from these coming off my credit report?

I am so excited I can hardly sit still!!

Depends on how long its been since those CAs have updated. If your profile is clean once they are removed you may end up near 700 as long as all your CCs are paid down and not carrying balances. Fico score is reflected immediately once something changes though you may not be notified until a "triggering" event happens if you are using Scorewatch. No one follows Fakos but I would assume they would change immediately as well.

Re: How removing medical collections will affect score

Anonymous — Tue, 05 May 2015 23:38:55 GMT

I had five paid medical CA's that had been reporting for about a year. I tried to reason with the agency with no success. Out of the blue I received an alert from EQ saying my score changed. I logged on to find a 60+pt increase. Checked my report and to my surprise no collections reporting. Two days later similar results with EX. No joy with TU until today when I received an alert and saw a 68 pt increase. It is a great feeling when you see no collections!

Re: How removing medical collections will affect score

gdale6 — Tue, 05 May 2015 23:43:07 GMT

@Anonymous wrote:
I had five paid medical CA's that had been reporting for about a year. I tried to reason with the agency with no success. Out of the blue I received an alert from EQ saying my score changed. I logged on to find a 60+pt increase. Checked my report and to my surprise no collections reporting. Two days later similar results with EX. No joy with TU until today when I received an alert and saw a 68 pt increase. It is a great feeling when you see no collections!

Grats on getting the deletions

Re: How removing medical collections will affect score

Anonymous — Wed, 06 May 2015 00:40:57 GMT

@gdale6 wrote:
@Anonymous wrote:
I had five paid medical CA's that had been reporting for about a year. I tried to reason with the agency with no success. Out of the blue I received an alert from EQ saying my score changed. I logged on to find a 60+pt increase. Checked my report and to my surprise no collections reporting. Two days later similar results with EX. No joy with TU until today when I received an alert and saw a 68 pt increase. It is a great feeling when you see no collections!
Grats on getting the deletions

Thanks! I thought it was hopeless, extremely frustrating as I pleaded my case to no avail. In the end it worked!!

Re: How removing medical collections will affect score

damnedanddetermined — Fri, 29 May 2015 00:31:54 GMT

Does Fico notify you when a medical collection is removed/deleted? Just had one deleted on May 17th, but no alert! Is scorewatch on vacation??